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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Data from last week indicate a shift in capital flows toward a short-term “risk-on” stance, with equity exchange-traded funds (ETFs) drawing strong net inflows globally while money moved away from defensive positioning into risk assets. U.S. equities extend gains amid ceasefire The U.S. stock market continued its upward momentum into…
Manulife Vietnam Life Insurance Company Limited (Manulife) has released its 2025 financial statements, showing declining profitability alongside weaker core insurance revenue.
In 2025, Manulife’s total revenue reached VND 28,008 billion, down 5.3% from VND 29,579 billion in the previous year. Revenue from insurance activities fell to VND 15,638 billion, a decline of 8.5%, reflecting ongoing challenges in generating new business and maintaining existing policies.
Investment income, however, increased slightly to VND 7,652 billion, up 1.4%, helping partially offset the contraction in core insurance revenue.
Total expenses in 2025 were VND 24,462 billion, down 3.4% year-on-year. Selling expenses decreased sharply by 26.9% to VND 1,260 billion, while administrative expenses fell 18.1% to VND 2,424 billion.
Despite these reductions, financial costs rose 20.6% to VND 1,740 billion. Underwriting costs remained high at VND 18,589 billion, only down 3.3% compared with the prior year.
Even with lower selling and administrative expenses, the revenue decline was not fully offset. Pre-tax profit in 2025 fell 16.3% to VND 3,545 billion. After tax, profit declined 18.1% to VND 2,817 billion, from VND 3,437 billion in 2024.
Profitability indicators also weakened. Return on assets (ROA) decreased from 3.08% in 2024 to 2.27%, while return on equity (ROE) fell from 14.62% to 10.70%.
As of the end of 2025, Manulife’s total assets were VND 156,146 billion, up 13.4% from the start of the year. The asset structure continues to reflect the insurance sector, with financial investments totaling VND 128,514 billion—more than 82% of total assets—and up 15% from end-2024.
Manulife did not provide detailed breakdowns in the published information, but the semi-annual report indicates that its financial investments mainly include bank deposits, government bonds, and a large volume of corporate bonds and listed shares.
Total liabilities stood at VND 129,816 billion, up 13.6%, representing over 83% of total capital, mainly insurance reserves. Owners’ equity increased to VND 26,330 billion, up 12.5%, largely driven by retained earnings.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
